US stocks advanced modestly on Thursday after the latest batch of mixed data failed to deliver the confidence boost needed by investors to push indexes past record highs set last week. The number of Americans filing new claims for unemployment benefits rose in the week ended May 17 and were above expectations but remained near 7-year lows, pointing to labour market conditions that continued to strengthen. US home resales rose in April and the supply of properties on the market hit its highest since August 2012, hopeful signs for the stalled housing market recovery.
The S&P 500 is less than 0.5 percent shy of its record intraday high set on May 13, but has been caught between the high and its 50-day moving average for the past week as data left investors unsure about the pace of the economic recovery. The Dow Jones industrial average rose 22.25 points, or 0.13 percent, to 16,555.31, the S&P 500 gained 7 points, or 0.37 percent, to 1,895.03 and the Nasdaq Composite added 28 points, or 0.68 percent, to 4,159.54. Best Buy Co rose 1.2 percent to $25.65. The electronics retailer reported first-quarter earnings that topped expectations and domestic comparable store sales that fell more than expected.
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